Whiston leases on residential deteriorating in value. if your lease has about ninety years left, you should start thinking about a lease extension. Eighty years is a significant number: when the unexpired term of a lease dips below this level then you start incurring an additional element called marriage value. Leasehold owners in Whiston will mostly qualify for a lease extension; however it’s a good idea to check with a conveyancing solicitor to confirm your eligibility. In some cases you may not qualify. There are prescribed deadlines and steps to follow once the process has commenced so it’s prudent to be guided by a conveyancing solicitor during the process.
It is conventional wisdom that a property with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years remaining, the premises will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Birmingham Midshires | |
| TSB | |
| Virgin | |
| Yorkshire Building Society |
Retaining our service will provide you increased control over the value of your Whiston leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Archie was the the leasehold owner of a 2 bedroom apartment in Whiston on the market with a lease of fraction over 59 years left. Archie informally approached his landlord being a well known Bristol-based freehold company for a lease extension. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £200 annually. No ground rent would be due on a lease extension were Archie to invoke his statutory right. Archie procured expert advice and secured satisfactory deal informally and sell the property.
Last Spring we were approach by Ms O Kelly , who owned a basement flat in Whiston in September 2006. The dilemma was if we could approximate the price could be to prolong the lease by ninety years. Comparative flats in Whiston with 100 year plus lease were in the region of £246,800. The mid-range amount of ground rent was £60 invoiced per annum. The lease concluded on 2 August 2076. Given that there were 50 years remaining we calculated the compensation to the landlord to extend the lease to be within £44,700 and £51,600 plus expenses.
In 2013 we were approached by Dr Alicia Rose who, having purchased a one bedroom apartment in Whiston in September 2010. We are asked if we could estimate the price could be for a ninety year lease extension. Comparable flats in Whiston with a long lease were worth £208,200. The average amount of ground rent was £65 billed annually. The lease came to a finish in 2087. Considering the 61 years unexpired we approximated the compensation to the freeholder for the lease extension to be within £20,000 and £23,000 plus fees.